The Economist's Oath : On the Need for and Content of Professional Economic Ethics

Economists enjoy enormous influence over the life chances of the world's inhabitants, yet do not receive, at any point in their training, any exposure to the professional ethical challenges that their work entails. This lack of attention to professional ethics means that even well-meaning economists will take actions that can cross ethical lines, to the detriment of those whom they seek to serve. The Economist's Oath seeks to initiate a serious conversation among economists about the ethical content of their work, by raising fundamental questions on the nature of what economists do, the reception that ethics has historically had in the profession and why, how this reception is dangerous for all parties involved, the lessons to be drawn from other professions with advanced professional ethics, the principles that could emerge from professional economics ethics, and the kinds of reform in economic education that might be implied by a commitment to professional ethics. The book does not present an ethical exposé or seek to embarrass the profession or individual economists, nor does it seek to lay down an ethical law for the profession. Instead, it more modestly but more importantly advances the case for the inauguration of a new tradition of inquiry. DeMartino argues that critical inquiry by economists into professional economic ethics would enhance the quality of the services that the profession offers, might help to prevent avoidable and consequential errors and could provide the communities that economists serve with a standard to which economists could be held accountable. Can Anyone Doubt That Economists Need A Good Dousing In Ethics? George Demartino Does Just That. He Does So, Not In Anger, But With The Calm And Persuasive Tone Of An Author Who Knows His Subjects And Gives Full Airing To Those Who May Disagree. He Has Written A Book On Ethics That Is Itself Ethical. It Is A Valuable And Novel Contribution To A Profession That Keeps Repeating Its Errors. How Do We Make Them Listen? Jeff Madrick, Author Of The Case For Big Government. Demartino Has Broken With The Economist's Oath Never To Discuss Oaths. It's About Time. Economists Are Taught In Graduate School That About Ethics One Should Not Dispute, Which Gives Them A Warrant To Ignore Ethics In Their Science. The Teaching Is Philosophically Naive And Politically Silly. A Science Of The Economy, And Certainly An Economist Advising The Prince, Depends On Ethical Commitments, Such As The Elementary One To Seek The Truth, Or To Do No Harm, Or To Support Democracy, Or To Help The Poor. Demartino Has Courageously Opened The Conversation, With A Masterful Command Of Economics And Of English Style. Deirdre Mccloskey, Author Of Bourgeois Virtues: Ethics For An Age Of Commerce And The Cult Of Statistical Significance. In The Economist's Oath George Demartino Presents The Elements Of Professional Ethics, Notably Principles Of Prudence And Autonomy Well-known To Doctors And Engineers, And He Demonstrates Their Neglected Relevance To Economists. Careful, Respectful And Without Rancor Or Rush-to-judgment, This Beautifully-argued Book Is A Warning About Economics Today And A Challenge To Economists To Come. James K. Galbraith, The University Of Texas At Austin And Author Of The Predator State: How Conservatives Abandoned The Free Market And Why Liberals Should Too. Economics Is Among The Most Influential Of All Professions. Economists Alter The Course Of Economic Affairs And Deeply Affect The Lives Of Current And Future Generations. Yet, Among The Major Professions, Economics Lacks A Body Of Professional Ethics To Guide Its Practitioners. Over The Past Century The Profession Has Consistently Refused To Adopt Or Even Explore Professional Economic Ethics. As A Consequences, Economists Are Largely Unprepared For The Ethcial Challenges They Face In Their Work. The Economist's Oath Challenges Economic Orthodoxy. It Builds The Case For Professional Economic Ethics Step By Step--first By Rebutting Economists' Arguments Against And Then By Building An Escalating Positive Case For Professional Economic Ethics. The Book Surveys What Economists Do And Fully Demonstrates That Their Work Is Ethically Fraught. It Explores The Principles, Questions, And Debates That Inform Professional Ethics In Other Fields, And Identifies The Lessons That Economics Can Take From The Best Established Bodies Of Professional Ethics. George Demartino Demonstrates That In The Absence Of Professional Ethics, Well-meaning Economists Have Committed Basic, Preventable Ethical Errors That Have Caused Severe Harm For Societies Across The Globe. The Book Investigates The Reforms In Economic Education That Would Be Necessary To Distinguish Professional Ethical Obligations, And Concludes With The Economist's Oath, Drawing On The Book's Central Insights And Highlighting The Virtues That Are Required Of An Ethical Economist. The Economist's Oath Seeks To Initiate A Serious Conversation Among Economists About The Ethcial Content Of Their Work. It Examines The Ethical Entailments Of The Influence Over The Lives Of Others That The Economics Profession Now Enjoys, And Proposes A Framework For The New Field Of Professional Economic Ethics. --book Jacket. I Do Solemnly Swear -- Economic Practice : What Do Economists Do? -- Ethical Challenges Confronting The Applied Economist -- Historical Perspective : Don't Predict The Interest Rate! -- Interpreting The Silence : The Economic Case Against Professional Economic Ethics -- Breaking The Silence : A Rebuttal Of The Economic Case Against Professional Economic Ethics -- The Positive Case For Professional Economic Ethics -- Learning From Others : Ethical Thought Across The Professions -- Economists As Social Engineers : Ethical Evaluation Of Market Liberalization In The South And Transition Economies -- Global Economic Crisis And The Crisis In Economics -- On Sleeping Too Well : In Search Of Professional Economic Ethics -- Training The Ethical Economist -- The Economist's Oath. George F. Demartino. Includes Bibliographical References And Index. Economics is today among the most influential of all professions. Economists alter the course of economic affairs and deeply affect the lives of current and future generations. Yet, virtually alone among the major professions, economics lacks a body of professional ethics to guide its practitioners. Over the past century the profession consistently has refused to adopt or even explore professional economic ethics. As a consequence, economists are largely unprepared for the ethical challenges they face in their work. The Economist's Oath challenges the economic orthodoxy. It builds the case for professional economic ethics step by step-first by rebutting economists' arguments against and then by building an escalating positive case for professional economic ethics. The book surveys what economists do and demonstrates that their work is ethically fraught. It explores the principles, questions, and debates that inform professional ethics in other fields, and identifies the lessons that economics can take from the best established bodies of professional ethics. George DeMartino demonstrates that in the absence of professional ethics, well-meaning economists have committed basic, preventable ethical errors that have caused severe harm for societies across the globe. The book investigates the reforms in economic education that would be necessary to recognize professional ethical obligations, and concludes with the Economist's Oath, drawing on the book's central insights and highlighting the virtues that are required of the "ethical economist." The Economist's Oath seeks to initiate a serious conversation among economists about the ethical content of their work. It examines the ethical entailments of the immense influence over the lives of others that the economics profession now enjoys, and proposes a framework for the new field of professional economic ethics. Economists enjoy enormous influence over the life chances of the world's inhabitants, yet do not receive, at any point in their training, any exposure to the professional ethical challenges that their work entails. This lack of attention to professional ethics means that even well-meaning economists will take actions that can cross ethical lines, to the detriment of those whom they seek to serve. The Economist's Oath seeks to initiate a serious conversation among economists about the ethical content of their work, by raising fundamental questions on the nature of what economists do, the reception that ethics has historically had in the profession and why, how this reception is dangerous for all parties involved, the lessons to be drawn from other professions with advanced professional ethics, the principles that could emerge from professional economics ethics, and the kinds of reform in economic education that might be implied by a commitment to professional ethics. The book does not present an ethical expose or seek to embarrass the profession or individual economists, nor does it seek to lay down an ethical law for the profession. Instead, it more modestly but more importantly advances the case for the inauguration of a new tradition of inquiry. DeMartino argues that critical inquiry by economists into professional economic ethics would enhance the quality of the services that the profession offers, might help to prevent avoidable and consequential errors and could provide the communities that economists serve with a standard to which economists could be held accountable MuPDF error: syntax error: invalid key in dict MuPDF error: syntax error: invalid key in dict MuPDF error: syntax error: invalid key in dict MuPDF error: syntax error: invalid key in dict MuPDF error: syntax error: invalid key in dict MuPDF error: syntax error: invalid key in dict MuPDF error: syntax error: invalid key in dict MuPDF error: syntax error: invalid key in dict MuPDF error: syntax error: invalid key in dict Cover 1 Contents 8 Acknowledgments 10 Preface 12 PART I: THE CASE FOR PROFESSIONAL ECONOMIC ETHICS 16 1 “I Do Solemnly Swear” 18 2 Economic Practice: What Do Economists Do? 34 3 Ethical Challenges Confronting the Applied Economist 50 4 Historical Perspective: “Don’t Predict the Interest Rate!” 70 5 Interpreting the Silence: The Economic Case Against Professional Economic Ethics 84 6 Breaking the Silence: A Rebuttal of the Economic Case Against Professional Economic Ethics 100 7 The Positive Case for Professional Economic Ethics 118 PART II: THE CONTENT OF PROFESSIONAL ECONOMIC ETHICS 136 8 Learning from Others: Ethical Thought Across the Professions 138 9 Economists as Social Engineers: Ethical Evaluation of Market Liberalization in the South and Transition Economies 156 10 Global Economic Crisis and the Crisis in Economics 174 11 On Sleeping Too Well: In Search of Professional Economic Ethics 190 12 Training the “Ethical Economist” 222 13 The Economist’s Oath 242 References 250 Index 266 A 266 B 266 C 266 D 267 E 267 F 268 G 268 H 269 I 269 J 269 K 269 L 269 M 269 N 270 O 270 P 270 R 271 S 271 T 272 U 272 V 272 W 272 Y 272 Z 272